Industry News
Mortgage Industry News
Housing Permits Stronger Than Expected
04/16/2010
Housing starts and building permits both printed stronger than expectations, with upward revisions to the previous month. Bank of America announced their first profit in three quarters, $3.18B, or $0.28/share. Yesterday, San Francisco Fed President Yellen said inflation is "subdued", giving treasuries a boost. Right now, the futures market is pricing in an 83% chance that the Fed keeps rates at .25% through August 10th, 2010. Currently, the Ten Year yield is at 3.77% (3.87% yesterday) and the 2-10 yield spread is at 281bps, flattening 1bp since yesterday morning.
